Greater Toronto Area 905 Residents Opposed to Land Transfer Tax
While the city of Mississauga is contemplating implementing a land transfer tax similar to the one in Toronto to pay for much-needed infrastructure, the Toronto Real Estate Board has long been campaigning to have the Toronto land transfer tax repealed because it can add thousands to the cost of buying a home.
Earlier this year, the Toronto Real Estate Board commissioned a poll that saw many respondents who were considering buying a home in Toronto over the next two years actually considering buying in the 905 areas to avoid the land transfer tax.
Now, the Toronto Real Estate Board has commissioned another poll of residents in Mississauga, where 5,000 of the Board’s 35,000 operate.
“This poll shows that the public understands that land transfer taxes are the wrong way for municipalities to solve their financial challenges,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “This type of tax creates more problems than it solves. If levied at the same rate as the Province and the City of Toronto, a Mississauga Land Transfer Tax would cost the buyer of an average Mississauga detached home about $10,000, payable upfront. It is unfair to expect people like down-sizing seniors, or young growing families who need more space, to pay so much more than their fair share.”
Some of the highlights of the poll include:
77 per cent of residents in Mississauga are opposed to such a land transfer tax in their city.
70 per cent of people in Toronto who want to buy a home within the next 24 months say they are more likely to move outside of Toronto to avoid the land transfer tax.
Those who would move outside of Toronto to get away from the land transfer tax could be eyeing places like Mississauga, but if Mississauga implements a land transfer tax they could be putting off many home buyers as well. Check out the full press release here.